The International Energy Agency, which advises nations energy policy, stated that supply shortfalls that sent oil prices sky-rocketing earlier this year are far from resolved and may yet lead to another period of triple-digit oil prices. Furthermore, daily world oil consumption is expected to rise 10 million barrels/day over the next two decades. The IEA predicts that daily global oil consumption will be at 106 million barrels/day by the year 2030. Most of that oil will be held by OPEC countries, who hold over 45% of the world's known oil reserves. The agency stated that the problem lies not in having enough oil, but being able to access the oil in time to meet the growing demand. The IEA stated that, "Globally, oil resources are plentiful, but there can be no guarantee that they will be exploited quickly enough to meet the expected consumption growth." Even if we are somehow able to meet the consumption growth, we must still consider the fact that we must drastically cut our carbon emissions or face grave circumstances from global warming. According to the IEA's annual World Energy Outlook, (Authors Note: The IEA's WEO is a very interesting read, I highly suggest you take a look. The Executive Summary is available for free online at the link above.), "The future of human prosperity depends on how successfully we tackle the two central energy challenges facing us today: securing the supply of reliable and affordable energy; and effecting a rapid transformation to a low-carbon, efficient and environmentally benign system of energy supply.”
See the article here. -V
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